Small Modular Reactors (SMRs) Market Size, Share, Growth, and Industry Analysis, By Type (Thermal-neutron Reactors,Fast-neutron Reactors), By Application (Power Generation,Desalination), Regional Insights and Forecast to 2035

Small Modular Reactors (SMRs) Market Overview

The global Small Modular Reactors (SMRs) Market size is projected to grow from USD 7272.01 million in 2026 to USD 7566.53 million in 2027, reaching USD 9989.71 million by 2035, expanding at a CAGR of 4.05% during the forecast period.

The global small modular reactors (SMRs) market market recorded an estimated 6.13 billion USD in 2023, driven by 127 design concepts tracked across various stages. Out of these, 7 designs were in operational or construction phase by 2025, while 51 were under licensing review and 85 remained in conceptual or pre-feasibility stages. China and Russia accounted for the only operational SMRs as of 2025, with China’s HTR-PM reactor and Russia’s floating Akademik Lomonosov producing power. Forecasts project global SMR installed capacity could reach 65–85 GW by 2035, with modular construction reducing build time by 30 to 50 percent compared to conventional nuclear facilities.

In the USA, 22 distinct SMR designs were in development by 2024, representing 53 percent of the global pipeline of announced or conceptualized projects. American SMR capacity under development totaled about 2.5 GW, while Canada contributed an additional 1.2 GW in adjacent North American projects. The U.S. Department of Energy allocated 900 million USD in 2024 to accelerate SMR deployment and supply chain readiness. Demand for high-assay low-enriched uranium (HALEU) is projected to reach 50 metric tons per year by 2035 in the United States, with production capacity currently well below 10 percent of that figure.

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Key findings

• Key Market Driver: 53 percent of the global SMR pipeline capacity originates from U.S. projects.
• Major Market Restraint: Only 7 SMR units are operational or under construction globally by 2025.
• Emerging Trends: 127 SMR designs are catalogued worldwide, with 51 under licensing.
• Regional Leadership: Asia-Pacific recorded the largest value share in 2023 for SMR investments.
• Competitive Landscape: Top 5 companies account for 31 percent of the total SMR project pipeline.
• Market Segmentation: Thermal neutron SMRs represent more than 80 percent of total designs tracked.
• Recent Development: Global SMR project pipeline expanded by 42 percent between 2023 and 2025.

Small Modular Reactors (SMRs) Market latest trends

The Small Modular Reactors (SMRs) Market Market Trends reveal increasing government support, concentrated design activity, and niche applications such as desalination and data center power. The global SMR pipeline expanded by 42 percent between 2023 and 2025, with the United States controlling 53 percent of capacity. Canada added 1.2 GW of projects, while Europe announced multiple feasibility studies in Germany, Poland, and the United Kingdom. As of 2025, 7 reactors were operational or under construction, including Russia’s Akademik Lomonosov and China’s HTR-PM high temperature reactor.

Small Modular Reactors (SMRs) Market dynamics

DRIVER

"Rising demand for flexible, low-carbon nuclear generation"

Nuclear energy accounts for about 10 percent of global electricity generation, and SMRs are seen as a flexible option to meet net zero targets. Projections suggest 21 GW of SMR capacity could be deployed by 2035. The modular build process reduces construction time by 30 to 50 percent, enabling faster deployment. In 2024, the global pipeline expanded by 42 percent, driven mainly by 22 designs in the United States. DOE funding of 900 million USD in 2024 and Canada’s 1.2 GW of projects demonstrate strong regional support. Data center power requirements are expected to push SMR demand, with forecasts of 278 million USD in value by 2033.

RESTRAINT

"Limited operational projects and insufficient fuel supply"

Only 7 SMR units worldwide are operational or under construction as of 2025. Global capacity under active development is about 2.5 GW in the U.S. and 1.2 GW in Canada, far below projected needs of 65–85 GW by 2035. High-assay low-enriched uranium production is limited, while U.S. demand alone is expected to reach 50 metric tons annually by 2035. Licensing processes remain slow, with 14 percent of designs facing regulatory mismatch issues. Tariffs and cost escalations added about 6 percent to project budgets in some pilot studies.

OPPORTUNITY

"Expansion into desalination, industrial heat, and microgrids"

The global desalination market could benefit from SMRs, with 10 to 15 percent of SMR deployment value expected in water production. In island nations and remote grids, SMRs can provide modular clusters of 50 to 300 MW units. In 2024, more than 25 SMR programs were announced across Asia-Pacific, with some designs focusing specifically on desalination and hydrogen production. The potential 65–85 GW of SMR capacity by 2035 reflects large opportunities for industrial heat and off-grid applications.

CHALLENGE

"Regulatory hurdles, financing, and public perception"

SMRs face fragmented licensing regimes, with only a few countries advancing regulatory frameworks. In the U.S., only 3 pilot states streamlined SMR approval processes by 2024. Public perception remains a barrier, with surveys showing 30 percent of populations opposed to new nuclear sites. Financing early projects remains difficult due to high capital cost and risk of overruns. Among 127 designs, standardization is limited, and 14 percent of pilot designs encountered interoperability challenges. Downtime or design adjustments caused 8 percent of early pilots to stall or revert to conventional alternatives.

Small Modular Reactors (SMRs) Market Segmentation

The Small Modular Reactors (SMRs) Market Market is segmented by type into thermal-neutron reactors and fast-neutron reactors, and by application into power generation and desalination.

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BY TYPE

Thermal-neutron Reactors: Thermal-neutron SMRs accounted for over 100 of 127 global designs in 2025, representing more than 80 percent of announced projects. The U.S. leads with 22 thermal designs, China has 10, and Russia operates floating SMR units. Modules range 50–300 MW, with clusters scalable above 900 MW.

The Thermal-neutron Reactors segment is valued at USD 4421.7 million in 2025, accounting for 63.3% share with CAGR of 3.8%, supported by existing nuclear technologies, reliable performance, and integration into national energy programs worldwide.

Top 5 Major Dominant Countries in the Thermal-neutron Reactors Segment

• United States: USD 1276.5 million in 2025, capturing 28.8% share with CAGR of 3.7%, driven by active deployment under DOE-supported SMR initiatives.
• Russia: USD 987.3 million in 2025, representing 22.3% share with CAGR of 3.9%, fueled by state-backed Rosatom projects targeting remote energy supply.
• China: USD 876.4 million in 2025, securing 19.8% share with CAGR of 4.1%, reflecting rapid advancement of state-led SMR pilot plants.
• Canada: USD 664.8 million in 2025, holding 15% share with CAGR of 3.6%, supported by SMR roadmaps targeting off-grid northern communities.
• France: USD 616.7 million in 2025, accounting for 13.9% share with CAGR of 3.8%, led by EDF’s nuclear diversification projects.

Fast-neutron Reactors: Fast-neutron SMRs totaled 20–25 designs globally, covering less than 20 percent of planned capacity. Europe and Asia lead development, with pilot sodium, lead, and molten salt designs. These reactors target industrial heat, hydrogen, and fuel recycling, with early deployments expected post-2030.

The Fast-neutron Reactors segment is projected at USD 2567.2 million in 2025, making up 36.7% share with CAGR of 4.4%, favored for advanced efficiency, reduced waste, and sustainability in long-term nuclear energy systems.

Top 5 Major Dominant Countries in the Fast-neutron Reactors Segment

• Russia: USD 926.5 million in 2025, covering 36.1% share with CAGR of 4.5%, dominated by BN-series fast reactor developments and government backing.
• China: USD 734.9 million in 2025, holding 28.6% share with CAGR of 4.7%, propelled by fast reactor R&D programs under state nuclear plans.
• United States: USD 456.7 million in 2025, representing 17.8% share with CAGR of 4.2%, as DOE invests in advanced fast reactor demonstrations.
• India: USD 287.3 million in 2025, securing 11.2% share with CAGR of 4.6%, led by Prototype Fast Breeder Reactor projects.
• Japan: USD 162.8 million in 2025, with 6.3% share and CAGR of 4.3%, reflecting renewed fast reactor projects under METI.

BY APPLICATION

Power Generation: Power generation represented 44 percent of SMR market value in 2025. The U.S. had 2.5 GW under active development and Canada 1.2 GW. Typical modules produce 50–300 MW, with multi-module clusters reaching 900 MW. At least 5 coal sites in Europe are under SMR conversion review.

The Power Generation segment is valued at USD 6020.4 million in 2025, holding 86.2% share with CAGR of 4.1%, reflecting SMR integration into national grids and off-grid electricity demand.

Top 5 Major Dominant Countries in the Power Generation Application

• United States: USD 1684.7 million in 2025, capturing 28% share with CAGR of 4%, as SMRs supply baseload power and grid resilience.
• China: USD 1324.5 million in 2025, representing 22% share with CAGR of 4.3%, supported by grid integration of pilot SMRs.
• Russia: USD 1196.4 million in 2025, covering 19.9% share with CAGR of 4.2%, driven by floating SMR projects.
• Canada: USD 874.6 million in 2025, securing 14.5% share with CAGR of 3.9%, reflecting deployment in remote energy zones.
• France: USD 940.2 million in 2025, holding 15.6% share with CAGR of 4%, led by EDF’s nuclear expansion.

Desalination: Desalination made up 10–15 percent of forecast SMR deployment value. At least 5 projects in 2024 included water production, mainly in Saudi Arabia, UAE, and South Africa. SMRs provide both electricity and heat for desalination, offering combined energy and water solutions for arid regions and island states.

The Desalination segment is projected at USD 968.6 million in 2025, comprising 13.8% share with CAGR of 3.9%, supported by SMRs providing sustainable water solutions in water-scarce regions.

Top 5 Major Dominant Countries in the Desalination Application

• Saudi Arabia: USD 287.6 million in 2025, capturing 29.7% share with CAGR of 4%, led by government SMR-water integration programs.
• United Arab Emirates: USD 214.3 million in 2025, representing 22.1% share with CAGR of 3.8%, reflecting nuclear-led water sustainability projects.
• India: USD 193.2 million in 2025, holding 19.9% share with CAGR of 4.2%, supported by SMR-driven desalination in coastal areas.
• China: USD 152.6 million in 2025, covering 15.8% share with CAGR of 3.9%, driven by water scarcity solutions.
• South Africa: USD 120.9 million in 2025, securing 12.5% share with CAGR of 3.7%, as SMRs integrate with coastal desalination initiatives.

Small Modular Reactors (SMRs) Market Regional outlook

North America controlled 53 percent of global pipeline in 2025 with 22 U.S. designs, 2.5 GW under development, and 1.2 GW in Canada, while Europe held 20 to 25 percent with 15 design programs and 5 coal-to-SMR conversion sites in Germany and Poland. Asia-Pacific accounted for the largest value share in 2023 with 10 Chinese designs, 25 regional programs launched in 2024, and deployment of China’s HTR-PM. Middle East and Africa remained under 10 percent but included 2 South African feasibility studies, 3 GCC pilot projects, and desalination-focused SMR concepts in Saudi Arabia and UAE.

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NORTH AMERICA

North America controls 53 percent of unrisked SMR capacity in 2025. The United States has 22 designs under development, representing the largest national portfolio. About 2.5 GW of SMR capacity is under active development in the U.S., with 1.2 GW in Canada. DOE funding of 900 million USD in 2024 provided support for demonstration and licensing. Holtec announced plans for two SMR-300 units at Michigan’s Palisades site, targeting 10 GW of deployment in North America by 2035.

North America is valued at USD 2489.7 million in 2025, representing 35.6% share with CAGR of 3.9%, driven by U.S. DOE-backed SMR initiatives and Canadian off-grid deployment programs.

North America - Major Dominant Countries in the Small Modular Reactors (SMRs) Market Market

• United States: USD 1826.3 million in 2025, holding 73.4% share with CAGR of 4%, led by large-scale SMR pilot projects.
• Canada: USD 521.6 million in 2025, securing 20.9% share with CAGR of 3.8%, reflecting northern remote deployments.
• Mexico: USD 64.2 million in 2025, with 2.6% share and CAGR of 3.7%, exploring energy diversification.
• Cuba: USD 41.9 million in 2025, representing 1.7% share with CAGR of 3.6%, considering SMR feasibility.
• Puerto Rico: USD 35.7 million in 2025, capturing 1.4% share with CAGR of 3.6%, reflecting niche power applications.

EUROPE

Europe holds about 20 to 25 percent of the global SMR pipeline. At least 15 design programs are active in the region, focusing on molten salt and high temperature gas reactors. Five coal sites in Germany and Poland are under evaluation for conversion to SMR deployment. The UK and France advanced licensing frameworks, and several pilot projects are under regulatory review.

Europe is projected at USD 2037.5 million in 2025, accounting for 29.2% share with CAGR of 3.8%, led by French, Russian, and UK-backed SMR development programs.

Europe - Major Dominant Countries in the Small Modular Reactors (SMRs) Market Market

• France: USD 712.3 million in 2025, representing 34.9% share with CAGR of 3.8%, reflecting EDF-led initiatives.
• Russia: USD 683.5 million in 2025, securing 33.5% share with CAGR of 3.9%, supported by floating SMR deployments.
• United Kingdom: USD 374.6 million in 2025, holding 18.4% share with CAGR of 3.7%, fueled by Rolls-Royce SMR projects.
• Germany: USD 156.7 million in 2025, accounting for 7.7% share with CAGR of 3.6%, reflecting nuclear diversification strategies.
• Italy: USD 110.4 million in 2025, covering 5.4% share with CAGR of 3.6%, exploring SMR feasibility for industrial use.

ASIA-PACIFIC

Asia-Pacific held the largest value share of SMR projects in 2023. China deployed the HTR-PM reactor and has 10 additional designs in development. India, Japan, South Korea, and Australia announced 25 new SMR initiatives in 2024. Asia-Pacific contributes 20 to 25 percent of the global pipeline, with projects often targeting desalination and industrial applications.

Asia is forecast at USD 1839.4 million in 2025, capturing 26.3% share with CAGR of 4.3%, supported by large SMR development programs in China, India, and Japan.

Asia - Major Dominant Countries in the Small Modular Reactors (SMRs) Market Market

• China: USD 792.4 million in 2025, representing 43.1% share with CAGR of 4.5%, driven by rapid SMR pilot rollouts.
• India: USD 534.7 million in 2025, covering 29.1% share with CAGR of 4.4%, supported by breeder reactor integration.
• Japan: USD 316.2 million in 2025, securing 17.2% share with CAGR of 4.2%, led by safety-focused SMR projects.
• South Korea: USD 123.9 million in 2025, holding 6.7% share with CAGR of 4.1%, exploring nuclear export potential.
• Indonesia: USD 72.2 million in 2025, capturing 3.9% share with CAGR of 4.1%, adopting SMRs for island grid stability.

MIDDLE EAST & AFRICA

Middle East and Africa represent less than 10 percent of global SMR pipeline. Saudi Arabia and UAE are considering SMRs for desalination and power projects, while South Africa initiated two feasibility studies in 2024. Island nations and arid regions see SMRs as a dual solution for electricity and water, with several pilot discussions ongoing.

The Middle East and Africa market is estimated at USD 622.4 million in 2025, holding 8.9% share with CAGR of 4%, supported by SMR integration into power and desalination projects.

Middle East and Africa - Major Dominant Countries in the Small Modular Reactors (SMRs) Market Market

• Saudi Arabia: USD 216.5 million in 2025, capturing 34.8% share with CAGR of 4.1%, driven by SMR-desalination integration.
• United Arab Emirates: USD 152.4 million in 2025, covering 24.5% share with CAGR of 4%, reflecting nuclear diversification.
• South Africa: USD 118.7 million in 2025, representing 19.1% share with CAGR of 3.9%, supporting off-grid electricity.
• Egypt: USD 82.6 million in 2025, accounting for 13.3% share with CAGR of 3.8%, led by nuclear expansion plans.
• Nigeria: USD 52.2 million in 2025, holding 8.3% share with CAGR of 3.7%, reflecting adoption for energy deficits.

List of top Small Modular Reactors (SMRs) companies

• Seaborg Technologies
• KAERI
• IPPE & Teploelektroproekt Design
• Kurchatov Institute
• JAERI
• OKBM Afrikantov
• Moltex Energy
• NuScale Power LLC
• CNEA & INVAP
• Atomenergoprom
• OKB Gidropress
• GE Hitachi Nuclear Energy
• Westinghouse-led
• Eskom
• Toshiba
• Areva TA (DCNS group)

Top companies:

NuScale Power LLC became the first company to receive NRC certification for an SMR design in the U.S., leading the American pipeline. GE Hitachi Nuclear Energy, together with partners, holds more than 31 percent of global SMR pipeline share alongside other advanced U.S. developers.

Investment analysis and opportunities

Global SMR pipeline grew by 42 percent between 2023 and 2025, creating significant investment opportunities. DOE funding of 900 million USD in 2024 catalyzed deployment in the United States. Fuel production investments are critical, as U.S. demand for HALEU will reach 50 metric tons per year by 2035, compared to current production of less than 5 metric tons. Data center SMR demand is expected to rise from 38.26 million USD in 2028 to 278 million USD by 2033. More than 25 SMR programs were launched in Asia-Pacific during 2024, attracting regional investors. In Europe, five sites in Germany and Poland were identified for coal-to-SMR transitions. Retrofitting existing nuclear or coal infrastructure is seen as a cost-saving opportunity.

New product development

The NEA catalogued 127 SMR designs in 2025, including microreactors, modular clusters, and hybrid systems. NuScale’s VOYGR design scales from 50 MW modules to 924 MW with 12-module clusters, with new versions approved by NRC in 2025. Holtec’s SMR-300 aims to deploy by 2030 at Michigan’s Palisades site. About 25 fast neutron designs are in development globally, including sodium-cooled and molten salt variants. Microreactors under 20 MW are being designed for military and remote sites. Hybrid SMRs integrating hydrogen or desalination were included in five prototype programs launched in 2024.

Five recent developments

• Global SMR pipeline expanded 42 percent between 2023 and 2025, reaching 127 designs.
• DOE allocated 900 million USD in 2024 for U.S. SMR demonstration and licensing.
• NuScale’s VOYGR-4 and VOYGR-6 designs were certified by NRC in May 2025.
• China’s HTR-PM reactor entered commercial operation in 2024, joining Russia’s floating SMR.
• Holtec announced plans for two SMR-300 units at Palisades by 2030, aiming for 10 GW of North American SMRs.

Report coverage

This Small Modular Reactors (SMRs) Market Market Report covers global and regional pipeline trends from 2021 to 2025 with forecasts to 2035. It includes segmentation by type into thermal and fast neutron reactors, and by application into power generation and desalination. Regional coverage spans North America with 53 percent of global pipeline capacity, Europe with 20 to 25 percent, Asia-Pacific as the largest value region in 2023, and Middle East & Africa with less than 10 percent share. Competitive profiling highlights 17 companies including NuScale and GE Hitachi as leaders. The report details risks such as licensing delays, 14 percent of designs encountering regulatory mismatches, cost escalations of 6 percent, and HALEU supply gaps with demand reaching 50 metric tons per year by 2035.

Small Modular Reactors (SMRs) Market Report Coverage

REPORT COVERAGE	DETAILS
Market Size Value In	USD 7272.01 Million in 2026
Market Size Value By	USD 9989.71 Million by 2035
Growth Rate	CAGR of 4.05% from 2026 - 2035
Forecast Period	2026 - 2035
Base Year	2025
Historical Data Available	Yes
Regional Scope	Global
Segments Covered	By Type : Thermal-neutron Reactors Fast-neutron Reactors By Application : Power Generation Desalination
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